Grab : Reports First Quarter 2026 Results

Published: 2026-05-04 18:21:14 ET GRAB

Published on 05/04/2026 at 06:21 pm EDT

Q1 2026 Revenue grew 24% year-over-year to $955 million

Q1 2026 On-Demand GMV grew 24% year-over-year to $6.1 billion

Q1 2026 Profit for the period of $120 million

Q1 2026 Adjusted EBITDA1 grew 46% year-over-year to $154 million

Adjusted Free Cash Flow1 of $489 million on a trailing twelve months basis

SINGAPORE, May 5, 2026 - Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the first quarter ended March 31, 2026.

"We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY"), or 21% YoY on a constant currency basis2, marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. "As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities - leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners."

"Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders."

1 These are non-IFRS measures. For a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure, see the section titled "Non-IFRS Financial Measures" on Page 10.

2 We calculate constant currency by translating our current period financial results using the corresponding prior period's monthly exchange rates for our transacted currencies other than the U.S. dollar.

($ in millions,

unless otherwise stated)

Q1 2026

Q1 2025

YoY %

Change

YoY %

Change

(unaudited)

(unaudited)

(constant currency2)

Operating metrics:

On-Demand GMV

6,131

4,932

24%

21%

On-Demand GMV per MTU ($)

130

122

7%

4%

Group MTUs (millions of users)

51.6

44.5

16%

Partner incentives

305

215

42%

Consumer incentives

345

286

21%

Gross loan portfolio

1,438

625

130%

Financial measures:

Revenue

955

773

24%

19%

Operating profit/ (loss)

22

(21)

NM

Profit for the period

120

10

NM

Total Segment Adjusted EBITDA

268

192

40%

Adjusted EBITDA

154

106

46%

Net cash (used in)/ from operating activities (Operating Cash Flow)

(59)

73

NM

Adjusted Free Cash Flow

98

(101)

NM

Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments.

On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis.

Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region.

Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth.

Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million.

Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025.

Regional corporate costs3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs.

Gross cash liquidity4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter.

In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026.

Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

3 Regional corporate costs are costs that are not attributed to any of the business segments, including certain cost of revenue, research and development expenses, general and administrative expenses and marketing expenses. These regional costs of revenue include cloud computing costs. These regional research and development expenses also include mapping and payment technologies and support and development of the internal technology infrastructure. These general and administrative expenses also include certain shared costs such as finance, accounting, tax, human resources, technology and legal costs. Regional corporate costs exclude share-based compensation expenses and capitalized software costs.

4 Gross cash liquidity includes cash on hand, short-term and long-term time deposits, marketable securities and restricted cash.

5 Net cash liquidity includes gross cash liquidity less loans and borrowings.

Financial Measure Guidance

2026 Group Revenue

$4.04 billion - $4.10 billion 20% - 22% growth YoY

(Unchanged)

2026 Adjusted EBITDA

$700 million - $720 million 40% - 44% growth YoY

(Unchanged)

The above guidance and expected YoY growth represents our expectations as of the date of this press release and may be subject to change.

Deliveries

($ in millions,

unless otherwise stated)

Q1 2026

Q1 2025

YoY %

Change

YoY %

Change

(unaudited)

(unaudited)

(constant currency2)

Operating metrics:

GMV

3,908

3,129

25%

22%

Financial measures:

Revenue

510

415

23%

17%

Segment Adjusted EBITDA

88

63

40%

Deliveries revenue grew 23% YoY, or 17% YoY on a constant currency basis, to $510 million in the first quarter of 2026. Growth was primarily driven by GMV expansion and strong momentum in our Advertising business despite seasonal softness typically associated with the Lunar New Year and Ramadan festive periods.

Deliveries GMV grew 25% YoY, or 22% YoY on a constant currency basis, to $3,908 million in the quarter, driven by increases in the total number of Deliveries transactions, Deliveries MTUs, and GMV per MTU.

Deliveries Segment Adjusted EBITDA as a percentage of GMV was 2.3% in the quarter, improving by 25 basis points from 2.0% in the prior year period. This improvement was primarily driven by increased Advertising contributions and improvements in operating leverage.

Total Deliveries active merchant-partners grew 11% YoY while average earnings of these merchant-partners grew 12% YoY. We also deepened Advertising penetration with total quarterly active advertisers on our self-serve platform growing 5% YoY, and average spend of these advertisers growing 44% YoY.

In March 2026, we announced the planned acquisition of Delivery Hero's foodpanda Delivery business in Taiwan, marking Grab's first market expansion outside of Southeast Asia. Closing is expected in the second half of 2026, subject to regulatory approval and customary closing conditions.

Disclaimer

Grab Holdings Ltd. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 22:20 UTC.